TOKYO, May 14, 2019 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce that the production of liquefied natural gas (LNG) from the Cameron LNG Project officially commenced on May 14, 2019, local time. MC's involvement in the project is by way of Japan LNG Investment, LLC (JLI), a joint venture with Nippon Yusen Kabushiki Kaisha.
Construction of the project facilities began after the final investment decision was reached in August 2014. Now that production is underway, it will take several weeks to be loaded onto carriers for the first shipment.
The project is operated by Cameron LNG, LLC (CLNG), whose partners and shareholders include Sempra Energy (50.2%), Total (16.6%), Mitsui & Co. (16.6%) and JLI (16.6%). The May production launch is via the first liquefaction train, however second and third trains are currently under construction. Each train has a production capacity of 4 million tons per annum (MTPA), meaning that once all three trains are operational, the project will be capable of supplying 12 MTPA.
MC plans to source natural gas from throughout North America and deliver it via pipeline to the Cameron LNG terminal, where it will be liquefied by CLNG under a 4 MTPA tolling agreement. Those 4 million tons will then be sold to buyers in Japan and around the world by MC's affiliated LNG marketing company.
With the rising global population driving up consumption, there has been an increased demand in recent years for greener energy sources, including LNG. Recognizing this trend, MC hopes to leverage the Cameron LNG Project to add the US to its existing LNG sources in Southeast Asia, the Middle East and Australia, thereby helping to ensure a stable, long-term supply. This aim is consistent with MC's mission to simultaneously generate economic, societal and environmental value.
About Mitsubishi Corporation
Mitsubishi Corporation, headquartered in Tokyo, is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. Mitsubishi Corporation's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods.
For more information on Mitsubishi Corporation, please visit the company's website at https://www.mitsubishicorp.com/jp/en/.
May 14, 2019 19:01 HKT/SGT
Source: Mitsubishi Corporation
Mitsubishi Corporation (TSE: 8058)
Topic: Press release summary
Sectors: Energy, Engineering
From the Asia Corporate News Network
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